Thailand requires individuals to prove the source of cash deposits exceeding 5 million Thai Baht, and strengthens monitoring of USDT transactions

Odaily Planet Daily News Thailand will require individuals to verify the source of funds when depositing more than 5 million Thai Baht (approximately $150,000) in cash. This measure expands the compliance responsibilities of commercial banks regarding cash networks, large-currency exchanges, precious metal transactions, and suspicious stablecoin transactions. The Bank of Thailand, jointly with the Securities and Exchange Commission, is conducting audit work focusing on USDT to identify and prevent illegal fund flows. This action also includes strengthening control over precious metal transactions, requiring banks to report suspicious patterns such as rapid digital purchases and same-day physical withdrawals to combat money laundering activities.